iA Global Asset Management Inc. Has $704,000 Stake in Eastman Chemical (NYSE:EMN)

iA Global Asset Management Inc. increased its holdings in Eastman Chemical (NYSE:EMN) by 42.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,708 shares of the basic materials company’s stock after buying an additional 2,279 shares during the period. iA Global Asset Management Inc.’s holdings in Eastman Chemical were worth $704,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EMN. Raymond James Financial Inc. acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $150,537,000. Wealthfront Advisers LLC increased its stake in Eastman Chemical by 3,136.8% in the fourth quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock valued at $67,213,000 after acquiring an additional 713,272 shares during the last quarter. Franklin Resources Inc. increased its stake in Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after acquiring an additional 282,458 shares during the last quarter. National Bank of Canada FI increased its stake in Eastman Chemical by 492.9% in the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after acquiring an additional 177,207 shares during the last quarter. Finally, Regents Gate Capital LLP bought a new position in Eastman Chemical in the fourth quarter valued at approximately $10,235,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 1.5 %

EMN opened at $88.55 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50. The firm has a market capitalization of $10.20 billion, a PE ratio of 11.53, a P/E/G ratio of 1.22 and a beta of 1.43. The company’s 50-day moving average is $95.92 and its 200 day moving average is $99.69.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s payout ratio is 43.23%.

Analyst Ratings Changes

EMN has been the topic of a number of recent analyst reports. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. KeyCorp boosted their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Piper Sandler boosted their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada boosted their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $114.08.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.